U.S. stock declined on Thursday after Fedex Corp. and ATI Technologies Inc. said earnings will fall short of Wall Street forecasts. Fedex reported stronger profit for its fourth quarter ended May 31, but warned that high oil prices would take a toll on its profit for the current quarter. Fedex shares sank 6.7 percent to $82.26 on the NYSE, according to Reuteres. Light sweet crude for August delivery was up 51 cents to $58.60 a barrel. "Transports turned down pretty good; that's leading the market down," said Stephen Carl, principal and head of U.S. equity trading at The Williams Capital Group LP, in New York. The Dow Jones transportation average .DJT fell 2 percent to 3496.75. The Dow Jones industrial average .DJI was down 40.74 points, or 0.38 percent, at 10,547.19. The Standard & Poor's 500 Index .SPX was down 1.54 points, or 0.13 percent, 1,212.35. The technology-laced Nasdaq Composite Index .IXIC was down 0.44 points, or 0.02 percent, at 2,090.63. Trucking company Covenant Transport Inc. warned higher energy costs will drive second-quarter earnings "substantially below" Wall Street forecasts and withdrew earnings guidance beyond the second quarter --More 1756 Local Time 1456 GMT
